Osisko Development Corp. (NYSE: ODV, TSXV: ODV)
("
Osisko Development" or the
"
Company") is pleased to announce the remaining
drilling and underground chip sampling results from new development
areas as part of its 2023 exploration program at its 100%-owned
Trixie test mine ("
Trixie"), within the Company's
wider Tintic Project ("
Tintic" or the
"
Tintic Project"), located in the historic East
Tintic Mining District in central Utah, U.S.A.
DRILL ASSAY HIGHLIGHTS
This news release includes assays from fourteen
underground diamond drill ("DD") holes (see Table
1). Select assay highlights include:
-
66.04 grams per tonne ("g/t")
gold ("Au") and 167.64 g/t silver
("Ag") over 8.99 meters ("m") in
TRXU-DD-23-072A (1.93 ounce per ton ("oz/t") Au
and 4.89 oz/t Ag over 29.50 feet ("ft")) including
- 610.00 g/t
Au and 1,523.00 g/t Ag over 0.46 m (17.79 oz/t Au and
44.42 oz/t Ag over 1.50 ft)
- 180.00 g/t
Au and 691.00 g/t Ag over 0.76 m (5.25 oz/t Au and 20.15
oz/t Ag over 2.50 ft)
- 23.89 g/t
Au and 151.04 g/t Ag over 9.45 m in TRXU-DD-23-068 (0.70
oz/t Au and 4.41 oz/t Ag over 31.00 ft) including
- 81.23 g/t
Au and 98.14 g/t Ag over 0.76 m (2.37 oz/t Au and 2.86
oz/t Ag over 2.50 ft)
- 102.67 g/t
Au and 740.43 g/t Ag over 1.07 m in TRXU-DD-23-061 (2.99
oz/t Au and 21.60 oz/t Ag over 3.50 ft) including
- 281.00 g/t
Au and 1,644.00 g/t Ag over 0.30 m (8.20 oz/t Au and 47.95
oz/t Ag over 1.00 ft)
- 10.84 g/t
Au and 35.29 g/t Ag over 4.57 m in TRXU-DD-23-066 (0.32
oz/t Au and 1.03 oz/t Ag over 15.00 ft)
- 5.79 g/t
Au and 101.98 g/t Ag over 13.72 m in TRXU-DD-23-065 (0.17
oz/t Au and 2.97 oz/t Ag over 45.00 ft)
DRILL RESULTS SUMMARY
- In 2023, the
company completed a total of 6,028 m (19,776 ft) of underground
drilling in 73 DD holes at Trixie. Assays have now been received
for all 2023 holes testing the Trixie high sulphidation epithermal
Au-Ag targets. A new mineral resource estimate
("MRE") for the Trixie deposit ("Trixie
MRE") is in progress and is expected to be released in
March 2024. The Trixie MRE will include all underground drilling
and chip sample assays from the 2023 program.
- One additional hole
(TRXU-DD-23-073) was drilled to a depth of 759.6 m (2,492 ft) and
targeted a copper-gold porphyry target below Trixie. Assays for
this hole are pending.
- The focus of these
recent holes was to test for mineralization along one of the
priority target areas south on strike from the known T2 domain,
south towards the Sioux Ajax fault (see Figure 2). Results from
holes TRXU-DD-23-065 (5.79 g/t Au over 13.72 m), TRXU-DD-23-066
(10.84 g/t over 4.57 m) and TRXU-DD-23-068 (23.89 g/t Au over 9.45
m) indicate that the mineralization appears to be plunging to the
south towards the Sioux Ajax Fault.
- One diamond drill
rig is currently active at surface testing a copper-gold-molybdenum
target at Big Hill and is at a current depth of 922 m (3,028 ft).
The target depth for this hole is approximately 1,524 m (5,000 ft).
Assays are pending for this drillhole.
UNDERGROUND CHIP SAMPLE ASSAY
HIGHLIGHTS
Assay highlights include underground chip
samples from 55 new development faces at Trixie. Of these, 25 faces
had samples with greater than 1.0 g/t Au or greater than 50.0 g/t
Ag values (see Table 2). The remaining chip samples returned no
significant assays. Selected assay highlights include:
- 123.67 g/t
Au and 658.46 g/t Ag over 4.27 m in CH01683 (3.61 oz/t Au
and 19.21 oz/t Ag over 14.00 ft) including
- 717.86 g/t
Au and 2,996.98 g/t Ag over 0.61 m (20.94 oz/t Au and
87.41 oz/t Ag over 2.00 ft)
- 40.84 g/t
Au and 67.16 g/t Ag over 3.66 m in CH01694 (1.19 oz/t Au
and 1.96 oz/t Ag over 12.00 ft) including
- 153.72 g/t
Au and 227.32 g/t Ag over 0.91 m (4.48 oz/t Au and 6.63
oz/t Ag over 3.00 ft)
- 385.26 g/t
Au and 1094.04 g/t Ag over 0.30 m in CH01687 (11.24 oz/t
Au and 31.91 oz/t Ag over 1.00 ft)
- 26.89 g/t
Au and 186.63 g/t Ag over 3.05 m in CH01682 (0.78 oz/t Au
and 5.44 oz/t Ag over 10.00 ft)
- 28.62 g/t
Au and 150.08 g/t Ag over 2.23 m in CH01676 (0.83 oz/t Au
and 4.38 oz/t Ag over 7.30 ft) including
- 62.60 g/t
Au and 247.62 g/t Ag over 0.91 m (1.83 oz/t Au and 7.22
oz/t Ag over 3.00 ft)
- 7.74 g/t
Au and 202.67 g/t Ag over 7.62 m in CH01679 (0.23 oz/t Au
and 5.91 oz/t Ag over 25.00 ft)
- 18.48 g/t
Au and 355.54 g/t Ag over 1.52 m in CH01664 (0.54 oz/t Au
and 10.37 oz/t Ag over 5.00 ft)
CHIP SAMPLE SUMMARY
- Chip samples were
collected in new development areas in the face and walls of
exploration crosscuts to explore along all domains of the Trixie
deposit on the 625 Level, to the north towards the Trixie Fault and
to the south towards the Sioux Ajax Fault.
- The sampling and
drilling results indicate that target areas to the north of Trixie
and to the south down plunge of the T2 structure are potentially
mineralized and warrant further follow-up exploration drilling and
sampling to understand the extent of mineralization.
About Trixie
The Trixie test mine is one of several gold and
base metal targets within the larger Tintic Project consisting of
>17,000 acres of patented mining claims and mineral leases
(14,200 acres of patented mining claims and a further approximately
3,000 acres of overwhelmingly leased patented mining claims) within
the historic East Tintic Mining District of Central Utah, U.S.A.
The T2 and T4 structures at Trixie show multi-ounce gold grades
associated with high sulphidation epithermal mineralization,
structurally controlled and hosted within quartzites. The T2
structure mineralization consists of native Au, and rare Au-Ag rich
telluride minerals with quartz. The T4 is a mineralized stockwork
zone is located in the hanging wall of the T2 and is comprised of
Au-Ag rich mineralization in host rock quartzite with
quartz-barite-sulphosalt stockwork veining. Mineralization reports
consistent multi-ounce gold grades along the entire strike
length.
A 3D model and virtual site tour of Trixie and
the wider Tintic Project is accessible on the Company's VRIFY page
at: https://vrify.com/decks/12801.
Information relating to the Tintic Project and
the current MRE for the Trixie deposit (the "Trixie
MRE") is supported by the technical report titled "NI
43-101 Technical Report, Initial Mineral Resource Estimate for the
Trixie Deposit, Tintic Project, Utah, United States of America",
dated January 27, 2023 (with an effective date of January 10, 2023)
prepared for the Company by independent representatives of Micon
International Limited (the "Tintic Technical
Report"). Reference should be made to the full text of the
Tintic Technical Report, which was prepared in accordance with
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects ("NI 43-101") and is available
electronically on SEDAR+ (www.sedarplus.ca) and on EDGAR
(www.sec.gov) under Osisko Development's issuer profile and on the
Company's website at www.osiskodev.com.
Figure 1: Tintic Project –
Trixie Area
Figure 2: Trixie Long Section
with Drill Highlights
Figure 3: Trixie Long Section
with Target Areas
Table 1: Drilling Length
Weighted Assay Composites at Trixie
Hole ID |
|
Depth from (m) |
Depth to (m) |
Length (m) |
Au (g/t) |
Ag (g/t) |
Depth from (ft.) |
Depth to (ft.) |
Length (ft.) |
Au (oz/t) |
Ag (oz/t) |
TRXU-DD-23-060 |
|
6.10 |
6.61 |
0.52 |
1.19 |
35.10 |
20.00 |
21.70 |
1.70 |
0.03 |
1.02 |
TRXU-DD-23-060 |
|
73.15 |
74.68 |
1.52 |
7.14 |
100.00 |
240.00 |
245.00 |
5.00 |
0.21 |
2.92 |
TRXU-DD-23-060 |
|
95.40 |
106.38 |
10.97 |
2.95 |
11.77 |
313.00 |
349.00 |
36.00 |
0.09 |
0.34 |
TRXU-DD-23-060 |
Including |
102.84 |
103.94 |
1.10 |
22.53 |
77.10 |
337.40 |
341.00 |
3.60 |
0.66 |
2.25 |
TRXU-DD-23-060 |
|
110.79 |
113.54 |
2.74 |
1.51 |
6.59 |
363.50 |
372.50 |
9.00 |
0.04 |
0.19 |
TRXU-DD-23-061 |
|
36.12 |
37.19 |
1.07 |
102.67 |
740.43 |
118.50 |
122.00 |
3.50 |
2.99 |
21.60 |
TRXU-DD-23-061 |
Including |
36.88 |
37.19 |
0.30 |
281.00 |
1,644.00 |
121.00 |
122.00 |
1.00 |
8.20 |
47.95 |
TRXU-DD-23-061 |
|
43.28 |
44.50 |
1.22 |
3.67 |
6.41 |
142.00 |
146.00 |
4.00 |
0.11 |
0.19 |
TRXU-DD-23-062 |
No Significant Assays |
|
|
|
|
|
|
|
|
|
|
TRXU-DD-23-063 |
|
74.98 |
77.63 |
2.65 |
2.35 |
68.43 |
246.00 |
254.70 |
8.70 |
0.07 |
2.00 |
TRXU-DD-23-064 |
No Significant Assays |
|
|
|
|
|
|
|
|
|
|
TRXU-DD-23-065 |
|
64.31 |
65.23 |
0.91 |
2.78 |
12.87 |
211.00 |
214.00 |
3.00 |
0.08 |
0.38 |
TRXU-DD-23-065 |
|
94.18 |
107.90 |
13.72 |
5.79 |
101.98 |
309.00 |
354.00 |
45.00 |
0.17 |
2.97 |
TRXU-DD-23-065 |
Including |
97.23 |
98.76 |
1.52 |
8.24 |
11.86 |
319.00 |
324.00 |
5.00 |
0.24 |
0.35 |
TRXU-DD-23-065 |
and |
100.68 |
101.35 |
0.67 |
11.09 |
254.00 |
330.30 |
332.50 |
2.20 |
0.32 |
7.41 |
TRXU-DD-23-065 |
and |
101.80 |
102.93 |
1.13 |
18.73 |
230.00 |
334.00 |
337.70 |
3.70 |
0.55 |
6.71 |
TRXU-DD-23-065 |
and |
104.70 |
106.38 |
1.68 |
12.04 |
508.00 |
343.50 |
349.00 |
5.50 |
0.35 |
14.82 |
TRXU-DD-23-066 |
|
65.07 |
67.97 |
2.90 |
13.01 |
140.85 |
213.50 |
223.00 |
9.50 |
0.38 |
4.11 |
TRXU-DD-23-066 |
|
65.07 |
66.60 |
1.52 |
19.96 |
206.00 |
213.50 |
218.50 |
5.00 |
0.58 |
6.01 |
TRXU-DD-23-066 |
|
79.86 |
81.23 |
1.37 |
2.14 |
30.27 |
262.00 |
266.50 |
4.50 |
0.06 |
0.88 |
TRXU-DD-23-066 |
|
87.78 |
89.00 |
1.22 |
7.90 |
133.00 |
288.00 |
292.00 |
4.00 |
0.23 |
3.88 |
TRXU-DD-23-066 |
|
98.45 |
99.97 |
1.52 |
3.20 |
5.60 |
323.00 |
328.00 |
5.00 |
0.09 |
0.16 |
TRXU-DD-23-066 |
|
103.33 |
107.90 |
4.57 |
10.84 |
35.29 |
339.00 |
354.00 |
15.00 |
0.32 |
1.03 |
TRXU-DD-23-067 |
No Significant Assays |
|
|
|
|
|
|
|
|
|
|
TRXU-DD-23-068 |
|
75.59 |
85.04 |
9.45 |
23.89 |
151.04 |
248.00 |
279.00 |
31.00 |
0.70 |
4.41 |
TRXU-DD-23-068 |
Including |
75.59 |
76.20 |
0.61 |
33.56 |
140.00 |
248.00 |
250.00 |
2.00 |
0.98 |
4.08 |
TRXU-DD-23-068 |
and |
76.20 |
76.96 |
0.76 |
81.23 |
98.14 |
250.00 |
252.50 |
2.50 |
2.37 |
2.86 |
TRXU-DD-23-068 |
and |
78.33 |
79.25 |
0.91 |
26.95 |
120.00 |
257.00 |
260.00 |
3.00 |
0.79 |
3.50 |
TRXU-DD-23-068 |
and |
80.62 |
81.69 |
1.07 |
37.34 |
220.00 |
264.50 |
268.00 |
3.50 |
1.09 |
6.42 |
TRXU-DD-23-068 |
and |
81.69 |
82.30 |
0.61 |
52.50 |
330.00 |
268.00 |
270.00 |
2.00 |
1.53 |
9.63 |
TRXU-DD-23-068 |
and |
84.43 |
85.04 |
0.61 |
23.03 |
530.00 |
277.00 |
279.00 |
2.00 |
0.67 |
15.46 |
TRXU-DD-23-069 |
|
102.11 |
108.81 |
6.71 |
3.06 |
10.33 |
335.00 |
357.00 |
22.00 |
0.09 |
0.30 |
TRXU-DD-23-069 |
Including |
106.22 |
106.98 |
0.76 |
5.34 |
7.98 |
348.50 |
351.00 |
2.50 |
0.16 |
0.23 |
TRXU-DD-23-069 |
and |
106.98 |
107.90 |
0.91 |
8.00 |
25.90 |
351.00 |
354.00 |
3.00 |
0.23 |
0.76 |
TRXU-DD-23-070 |
|
28.35 |
31.39 |
3.05 |
6.94 |
12.00 |
93.00 |
103.00 |
10.00 |
0.20 |
0.35 |
TRXU-DD-23-070 |
Including |
30.18 |
31.39 |
1.22 |
9.27 |
20.00 |
99.00 |
103.00 |
4.00 |
0.27 |
0.58 |
TRXU-DD-23-071 |
|
6.10 |
7.01 |
0.91 |
3.41 |
16.00 |
20.00 |
23.00 |
3.00 |
0.10 |
0.47 |
TRXU-DD-23-071 |
|
9.91 |
10.36 |
0.46 |
19.45 |
73.00 |
32.50 |
34.00 |
1.50 |
0.57 |
2.13 |
TRXU-DD-23-071 |
|
17.53 |
18.59 |
1.07 |
4.70 |
44.00 |
57.50 |
61.00 |
3.50 |
0.14 |
1.28 |
TRXU-DD-23-071 |
|
21.64 |
23.01 |
1.37 |
7.70 |
21.00 |
71.00 |
75.50 |
4.50 |
0.22 |
0.61 |
TRXU-DD-23-071 |
|
25.30 |
27.13 |
1.83 |
4.88 |
14.58 |
83.00 |
89.00 |
6.00 |
0.14 |
0.43 |
TRXU-DD-23-072 |
|
1.22 |
2.13 |
0.91 |
2.03 |
20.00 |
4.00 |
7.00 |
3.00 |
0.06 |
0.58 |
TRXU-DD-23-072 |
|
6.71 |
7.47 |
0.76 |
2.30 |
12.00 |
22.00 |
24.50 |
2.50 |
0.07 |
0.35 |
TRXU-DD-23-072 |
|
9.45 |
10.36 |
0.91 |
10.66 |
71.00 |
31.00 |
34.00 |
3.00 |
0.31 |
2.07 |
TRXU-DD-23-072 |
|
13.56 |
18.14 |
4.57 |
3.32 |
3.00 |
44.50 |
59.50 |
15.00 |
0.10 |
0.09 |
TRXU-DD-23-072 |
Including |
13.56 |
14.33 |
0.76 |
6.36 |
0.00 |
44.50 |
47.00 |
2.50 |
0.19 |
0.00 |
TRXU-DD-23-072 |
and |
17.22 |
18.14 |
0.91 |
5.80 |
15.00 |
56.50 |
59.50 |
3.00 |
0.17 |
0.44 |
TRXU-DD-23-072A |
|
9.45 |
10.06 |
0.61 |
5.84 |
38.00 |
31.00 |
33.00 |
2.00 |
0.17 |
1.11 |
TRXU-DD-23-072A |
|
13.41 |
22.56 |
9.14 |
2.94 |
11.45 |
44.00 |
74.00 |
30.00 |
0.09 |
0.33 |
TRXU-DD-23-072A |
|
23.47 |
32.46 |
8.99 |
66.04 |
167.64 |
77.00 |
106.50 |
29.50 |
1.93 |
4.89 |
TRXU-DD-23-072A |
Including |
25.91 |
26.52 |
0.61 |
9.62 |
53.00 |
85.00 |
87.00 |
2.00 |
0.28 |
1.55 |
TRXU-DD-23-072A |
and |
30.18 |
30.63 |
0.46 |
23.04 |
254.00 |
99.00 |
100.50 |
1.50 |
0.67 |
7.41 |
TRXU-DD-23-072A |
and |
30.63 |
31.09 |
0.46 |
610.00 |
1,523.00 |
100.50 |
102.00 |
1.50 |
17.79 |
44.42 |
TRXU-DD-23-072A |
and |
31.09 |
31.85 |
0.76 |
180.00 |
691.00 |
102.00 |
104.50 |
2.50 |
5.25 |
20.15 |
Table 2: Face Chip Sample
Length Weighted Assay Composites at Trixie
Site ID |
|
Depth from (m) |
Depth to (m) |
Length (m) |
Au (g/t) |
Ag (g/t) |
Depth from (ft.) |
Depth to (ft.) |
Length (ft.) |
Au (oz/t) |
Ag (oz/t) |
CH01661 |
|
1.52 |
3.05 |
1.52 |
1.20 |
0.00 |
5.00 |
10.00 |
5.00 |
0.04 |
0.00 |
CH01664 |
|
4.57 |
6.10 |
1.52 |
18.48 |
355.54 |
15.00 |
20.00 |
5.00 |
0.54 |
10.37 |
CH01667 |
|
3.05 |
4.57 |
1.52 |
1.03 |
13.75 |
10.00 |
15.00 |
5.00 |
0.03 |
0.40 |
CH01670 |
|
0.00 |
3.84 |
3.84 |
4.17 |
51.40 |
0.00 |
12.60 |
12.60 |
0.12 |
1.50 |
CH01670 |
Including |
1.95 |
3.05 |
1.10 |
7.37 |
136.99 |
6.40 |
10.00 |
3.60 |
0.21 |
4.00 |
CH01672 |
|
3.05 |
4.57 |
1.52 |
1.68 |
13.09 |
10.00 |
15.00 |
5.00 |
0.05 |
0.38 |
CH01674 |
|
0.52 |
1.37 |
0.85 |
2.37 |
32.88 |
1.70 |
4.50 |
2.80 |
0.07 |
0.96 |
CH01674 |
|
3.96 |
4.57 |
0.61 |
6.31 |
231.80 |
13.00 |
15.00 |
2.00 |
0.18 |
6.76 |
CH01676 |
|
1.43 |
3.66 |
2.23 |
28.62 |
150.08 |
4.70 |
12.00 |
7.30 |
0.83 |
4.38 |
CH01676 |
Including |
1.83 |
2.74 |
0.91 |
62.60 |
247.62 |
6.00 |
9.00 |
3.00 |
1.83 |
7.22 |
CH01677 |
|
0.67 |
0.88 |
0.21 |
19.44 |
1364.11 |
2.20 |
2.90 |
0.70 |
0.57 |
39.79 |
CH01678 |
|
3.81 |
4.57 |
0.76 |
1.30 |
20.40 |
12.50 |
15.00 |
2.50 |
0.04 |
0.59 |
CH01679 |
|
0.00 |
7.62 |
7.62 |
7.74 |
202.67 |
0.00 |
25.00 |
25.00 |
0.23 |
5.91 |
CH01679 |
Including |
5.49 |
6.10 |
0.61 |
18.00 |
386.36 |
18.00 |
20.00 |
2.00 |
0.52 |
11.27 |
CH01679 |
and |
6.10 |
6.71 |
0.61 |
29.35 |
560.88 |
20.00 |
22.00 |
2.00 |
0.86 |
16.36 |
CH01680 |
|
0.00 |
4.57 |
4.57 |
2.72 |
97.08 |
0.00 |
15.00 |
15.00 |
0.08 |
2.83 |
CH01682 |
|
4.57 |
7.62 |
3.05 |
26.89 |
186.63 |
15.00 |
25.00 |
10.00 |
0.78 |
5.44 |
CH01682 |
Including |
4.57 |
4.88 |
0.30 |
77.34 |
439.29 |
15.00 |
16.00 |
1.00 |
2.26 |
12.81 |
CH01682 |
and |
6.40 |
7.62 |
1.22 |
41.10 |
290.02 |
21.00 |
25.00 |
4.00 |
1.20 |
8.46 |
CH01683 |
|
0.00 |
4.27 |
4.27 |
123.67 |
658.46 |
0.00 |
14.00 |
14.00 |
3.61 |
19.21 |
CH01683 |
Including |
0.00 |
0.34 |
0.34 |
103.67 |
583.89 |
0.00 |
1.10 |
1.10 |
3.02 |
17.03 |
CH01683 |
and |
0.64 |
0.88 |
0.24 |
134.02 |
1961.66 |
2.10 |
2.90 |
0.80 |
3.91 |
57.22 |
CH01683 |
and |
1.80 |
2.04 |
0.24 |
40.25 |
195.20 |
5.90 |
6.70 |
0.80 |
1.17 |
5.69 |
CH01683 |
and |
3.66 |
4.27 |
0.61 |
717.86 |
2,996.98 |
12.00 |
14.00 |
2.00 |
20.94 |
87.41 |
CH01686 |
|
3.05 |
3.66 |
0.61 |
5.35 |
60.37 |
10.00 |
12.00 |
2.00 |
0.16 |
1.76 |
CH01687 |
|
0.00 |
0.30 |
0.30 |
385.26 |
1,094.04 |
0.00 |
1.00 |
1.00 |
11.24 |
31.91 |
CH01689 |
|
0.00 |
1.07 |
1.07 |
2.13 |
8.23 |
0.00 |
3.50 |
3.50 |
0.06 |
0.24 |
CH01690 |
|
0.00 |
7.19 |
7.19 |
2.38 |
31.17 |
0.00 |
23.60 |
23.60 |
0.07 |
0.91 |
CH01690 |
Including |
3.29 |
4.02 |
0.73 |
4.94 |
117.96 |
10.80 |
13.20 |
2.40 |
0.14 |
3.44 |
CH01692 |
|
1.77 |
4.39 |
2.62 |
2.85 |
41.40 |
5.80 |
14.40 |
8.60 |
0.08 |
1.21 |
CH01692 |
|
1.77 |
2.19 |
0.43 |
4.53 |
132.43 |
5.80 |
7.20 |
1.40 |
0.13 |
3.86 |
CH01694 |
|
0.91 |
4.57 |
3.66 |
40.84 |
67.16 |
3.00 |
15.00 |
12.00 |
1.19 |
1.96 |
CH01694 |
Including |
3.66 |
4.57 |
0.91 |
153.72 |
227.32 |
12.00 |
15.00 |
3.00 |
4.48 |
6.63 |
CH01696 |
|
0.00 |
0.91 |
0.91 |
2.23 |
43.16 |
0.00 |
3.00 |
3.00 |
0.06 |
1.26 |
CH01698 |
|
1.52 |
3.66 |
2.13 |
4.31 |
28.81 |
5.00 |
12.00 |
7.00 |
0.13 |
0.84 |
CH01698 |
Including |
1.52 |
1.83 |
0.30 |
20.84 |
137.68 |
5.00 |
6.00 |
1.00 |
0.61 |
4.02 |
CH01699 |
|
0.00 |
1.52 |
1.52 |
2.30 |
4.56 |
0.00 |
5.00 |
5.00 |
0.07 |
0.13 |
CH01705 |
|
2.68 |
4.05 |
1.37 |
2.57 |
59.75 |
8.80 |
13.30 |
4.50 |
0.07 |
1.74 |
CH01707 |
|
0.00 |
0.91 |
0.91 |
3.09 |
37.47 |
0.00 |
3.00 |
3.00 |
0.09 |
1.09 |
CH01708 |
|
0.91 |
4.57 |
3.66 |
2.99 |
20.77 |
3.00 |
15.00 |
12.00 |
0.09 |
0.61 |
CH01708 |
Including |
0.91 |
1.83 |
0.91 |
5.73 |
25.27 |
3.00 |
6.00 |
3.00 |
0.17 |
0.74 |
Qualified Persons
The scientific and technical information
contained in this news release has been reviewed and approved by
Maggie Layman, P.Geo., Vice President, Exploration of Osisko
Development, and a "qualified person" within the meaning of NI
43-101.
Face Sampling Methodology
As most structures at Trixie are steeply dipping
to the east or west, current sampling procedures are designed to
sample the structure. Chip samples are collected and do not exceed
1.0 m (3 ft.) in length. The face is washed for safety, and for
better identification of mineralization, alteration and structures.
The hanging wall and footwall of the structures are marked up on
the face and back, samples intervals are marked up and follow
lithological contacts.
Samples are collected in feet and assays are
reported in grams per tonne and troy ounce per short ton gold and
silver. Conversions to metric and imperial measurements are rounded
to two decimal places.
Quality Assurance (QA) – Quality Control
(QC)
All drill core and exploration samples are
dispatched to SGS Canada's laboratory in Burnaby, British Columbia
for offsite sample preparation and analysis. Samples are assigned a
unique sample ID. All geological and sampling information is
entered into Datamine Fusion database. Core is sawn in half and
half is sampled. Certified standards and blanks are inserted into
all sample dispatches. Samples are collected by Old Dominion
Transportation and dispatched to SGS Canada’s laboratory in
Burnaby, British Columbia. Sample submission forms accompany the
samples, and digital copies are emailed to SGS Canada.
All core sample preparation is completed by SGS
Canada, including drying, crushing, and pulverizing of samples.
Analytical assays include gold by 30 gram fire assay with AAS
finish (GO_FAA30V10), and gold overlimits by fire assay with
gravimetric finish (GO_FAG30V). Multielement analysis (including
silver) is by four-acid digest with ICP-AES/ICP-MS finish
(GE_ICM40Q12). The pulps are returned to Osisko Development and
coarse rejects are disposed after 90 days. Assays are reported to
Osisko Development and then loaded into Datamine Fusion. Quality
Assurance-Quality Control samples are checked, and assays are
merged with sample information for future reporting.
Underground face samples are collected by
Company geologists from each of the active mining faces, with
samples transported by the geologists from Trixie to the on-site
Company laboratory located at the Burgin administrative complex.
Underground samples are dried, crushed to <10 mm and a 250 g
split is taken. The split is pulverized, and a 30 g Fire Assay with
gravimetric finish is completed to determine gold and silver
grades, reported in oz/short ton and g/t.
The Company's Burgin laboratory is not a
certified analytical laboratory, but the facility is managed by a
qualified laboratory manager with annual auditing by technical
staff. Inter-laboratory check assays using ALS Laboratory as a
third-party independent analysis of samples is routinely carried
out as part of ongoing QA/QC work. Certified OREAS QC standards and
blanks are inserted at regular intervals in the sample stream to
monitor laboratory performance.
True width determination is estimated to be
approximately 0.3 m to 2.4 m (1 to 8 ft.) wide for the T2
structure, approximately 3 m to 25 m (10 to 80 ft.) for the T4
mineralized stockwork zone located in the hanging wall of the T2
structure and 1.5 m to 3 m (5 to 9 ft.) for the 75-85
structure.
ABOUT OSISKO
DEVELOPMENT CORP.
Osisko Development Corp. is a premier North
American gold development company focused on high-quality
past-producing properties located in mining friendly jurisdictions
with district scale potential. The Company's objective is to become
an intermediate gold producer by advancing its 100%-owned Cariboo
Gold Project, located in central B.C., Canada, the Tintic Project
in the historic East Tintic mining district in Utah, U.S.A., and
the San Antonio Gold Project in Sonora, Mexico. In addition to
considerable brownfield exploration potential of these properties,
that benefit from significant historical mining data, existing
infrastructure and access to skilled labour, the Company's project
pipeline is complemented by other prospective exploration
properties. The Company's strategy is to develop attractive,
long-life, socially and environmentally sustainable mining assets,
while minimizing exposure to development risk and growing mineral
resources.
For further information, visit our website at
www.osiskodev.com or contact:
Sean Roosen |
Philip Rabenok |
Chairman and CEO |
Director, Investor Relations |
Email: sroosen@osiskodev.com |
Email: prabenok@osiskodev.com |
Tel: +1 (514) 940-0685 |
Tel: +1 (437) 423-3644 |
CAUTIONARY STATEMENTS
Cautionary Statement Regarding Test Mining
Without Feasibility Study
The Company cautions that its prior decision to
commence small-scale underground mining activities and batch vat
leaching at the Trixie test mine was made without the benefit of a
feasibility study, or reported mineral resources or mineral
reserves, demonstrating economic and technical viability, and, as a
result there may be increased uncertainty of achieving any
particular level of recovery of material or the cost of such
recovery. The Company cautions that historically, such projects
have a much higher risk of economic and technical failure. Small
scale test-mining at Trixie was suspended in December 2022 and
resumed in the second quarter of 2023. Even with the resumption of
small-scale test-mining at Trixie, there is no guarantee that
production will continue as anticipated or at all or that
anticipated production costs will be achieved. The failure to
continue production may have a material adverse impact on the
Company's ability to generate revenue and cash flow to fund
operations. Failure to achieve the anticipated production costs may
have a material adverse impact on the Company's cash flow and
potential profitability. In continuing current operations at
Trixie, the Company has not based its decision to continue such
operations on a feasibility study, or reported mineral resources or
mineral reserves demonstrating economic and technical
viability.
Cautionary Statement to U.S. Investors
The Company is subject to the reporting
requirements of the applicable Canadian securities laws and, as a
result, reports information regarding mineral properties,
mineralization and estimates of mineral reserves and mineral
resources, including the information in its technical reports,
financial statements, MD&A and this news release, in accordance
with Canadian reporting requirements, which are governed by NI
43-101. As such, such information concerning mineral properties,
mineralization and estimates of mineral reserves and mineral
resources, including the information in its technical reports,
financial statements, MD&A and this news release, is not
comparable to similar information made public by U.S. companies
subject to the reporting and disclosure requirements of the U.S.
Securities and Exchange Commission ("SEC").
CAUTION REGARDING FORWARD LOOKING
STATEMENTS
Certain statements contained in this news
release may be deemed "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform
Act of 1995 and "forward-looking information" within the meaning of
applicable Canadian securities legislation (together,
"forward-looking statements"). These forward-looking statements, by
their nature, require Osisko Development to make certain
assumptions and necessarily involve known and unknown risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in these forward-looking
statements. Forward-looking statements are not guarantees of
performance. Words such as "may", "will", "would", "could",
"expect", "believe", "plan", "anticipate", "intend", "estimate",
"continue", or the negative or comparable terminology, as well as
terms usually used in the future and the conditional, are intended
to identify forward-looking statements. Information contained in
forward-looking statements is based upon certain material
assumptions that were applied in drawing a conclusion or making a
forecast or projection, including the assumptions, qualifications
and limitations relating to the significance of the high-priority
target drilling; the utility of modern exploration techniques; the
potential of Tintic to host a copper-gold porphyry center; the
significance of regional exploration potential; the results in the
Tintic Technical Report; the capital resources available to Osisko
Development; the ability of the Company to execute its planned
activities; the ability of the Company to obtain future financing
and the terms of such financing; management's perceptions of
historical trends, current conditions and expected future
developments; the utility and significance of historic data,
including the significance of the district hosting past producing
mines; future mining activities; unique mineralization at Trixie;
the potential of high-grade gold mineralization on Trixie; the
potential for unknown mineralized structures to extend existing
zones of mineralization; category conversion; the timing and status
of permitting; the results (if any) of further exploration work to
define and expand mineral resources; the ability of exploration
work (including drilling and chip sample assays, and face sampling
methodologies) to accurately predict mineralization; the ability to
generate additional drill targets; the ability of management to
understand the geology and potential of the Company's properties;
the ability of the Company to expand mineral resources beyond
current mineral resource estimates; the ability of the Company to
complete its exploration objectives for its projects in 2023-24 in
the timing contemplated (if at all); the ongoing advancement of the
deposits on the Company's properties; the deposit remaining open
for expansion at depth and down plunge; the ability to realize upon
any mineralization in a manner that is economic; the ability to
adapt to changes in gold prices, estimates of costs, estimates of
planned exploration and development expenditures; the ability of
the Company to obtain further capital on reasonable terms; assay
results presented in this news release; the profitability (if at
all) of the Company's operations; the Company being a
well-positioned gold development company in Canada, USA and Mexico;
sustainability and environmental impacts of operations at the
Company's properties; as well as other considerations that are
believed to be appropriate in the circumstances, and any other
information herein that is not a historical fact may be "forward
looking information". Material assumptions also include,
management's perceptions of historical trends, the ability of
exploration (including drilling and chip sample assays, and face
sampling) to accurately predict mineralization, budget constraints
and access to capital on terms acceptable to the Company, current
conditions and expected future developments, regulatory framework
remaining defined and understood, results of further exploration
work to define or expand any mineral resources, as well as other
considerations that are believed to be appropriate in the
circumstances. Osisko Development considers its assumptions to be
reasonable based on information currently available, but cautions
the reader that their assumptions regarding future events, many of
which are beyond the control of Osisko Development, may ultimately
prove to be incorrect since they are subject to risks and
uncertainties that affect Osisko Development and its business. Such
risks and uncertainties include, among others, risks relating to
capital market conditions and the Company's ability to access
capital on terms acceptable to the Company for the contemplated
exploration and development at the Company's properties; the
ability to continue current operations and exploration; regulatory
framework and presence of laws and regulations that may impose
restrictions on mining; the ability of exploration activities
(including drill and chip sampling, and face sampling results) to
accurately predict mineralization; errors in management's
geological modelling; the ability to expand operations or complete
further exploration activities, including drilling and chip sample
assays and face sampling; the timing and ability of the Company to
obtain required approvals and permits; the results of exploration
activities; risks relating to exploration, development and mining
activities; the global economic climate; metal and commodity
prices; fluctuations in the currency markets; dilution;
environmental risks; and community, non-governmental and
governmental actions and the impact of stakeholder actions. Readers
are urged to consult the disclosure provided under the heading
"Risk Factors" in the Company's annual information form for the
year ended December 31, 2022 as well as the financial statements
and MD&A for the year ended December 31, 2022, which have been
filed on SEDAR+ (www.sedarplus.ca) under Osisko Development's
issuer profile and on the SEC's EDGAR website (www.sec.gov), for
further information regarding the risks and other factors
applicable to the exploration results. Although the Company's
believes the expectations conveyed by the forward-looking
statements are reasonable based on information available as of the
date hereof, no assurances can be given as to future results,
levels of activity and achievements. The Company disclaims any
obligation to update any forward-looking statements, whether as a
result of new information, future events or results or otherwise,
except as required by law. Forward-looking statements are not
guarantees of performance and there can be no assurance that these
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release. No stock exchange,
securities commission or other regulatory authority has approved or
disapproved the information contained herein.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/ca20159c-ce11-4e10-a191-d03ef6018356
https://www.globenewswire.com/NewsRoom/AttachmentNg/0404a289-0c7a-4643-aaa6-06754449de38
https://www.globenewswire.com/NewsRoom/AttachmentNg/4caaf3c5-f4d6-46a0-81db-53fa85b2404e
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